Dali Foods Jumps After Privatization Offer

Dow Jones2023-06-28

By Yifan Wang

Shares of Dali Foods Group soared in Hong Kong after a privatization offer from the company's majority shareholder.

The stock rose as much as 32% Wednesday and was recently 29% higher at 3.51 Hong Kong dollars (US$0.45).

The rally came after Dali Foods' major shareholder proposed to take the company private for HK$3.75 a share, a 38% premium to the stock's Tuesday closing price.

"The proposed corporate action comes as a surprise to the market, in our view," Jefferies analysts said in a note. The offer price is 21% higher than the U.S. bank's 12-month target price for Dali Foods, the analysts said.

Write to Yifan Wang at yifan.wang@wsj.com

(END) Dow Jones Newswires

June 27, 2023 23:29 ET (03:29 GMT)

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